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Tag: Noor Takaful

  • Noor Takaful calls for partnership on ethical insurance

    Noor Takaful calls for partnership on ethical insurance

    Noor Takaful Insurance Limited has called for greater collaboration with brokers and other partners to expand access to ethical and inclusive insurance solutions for all Nigerians.

    Vice Chairman, Noor Takaful Insurance Limited, Aminu Tukur, said this during the Partnership and Recognition Event held at Radisson Blu Ikeja, Lagos.

    He said the event reaffirmed the trust, collaboration, and shared prosperity, the values the company is known for.

    He explained further that the event theme, “Driving Growth Through Partnership,” perfectly captured the strategic intent, which included celebrating valued partners for their contribution, loyalty, belief, and alignment to position it for greater growth and excellence in 2026 and beyond.

    According to him, Noor Takaful’s success is deeply connected to the strength and commitment of its partners.

    He said: “Through your dedication and support, Noor Takaful has continued to expand its reach, deepen its impact, and strengthen participants’ confidence nationwide. You, our brokers and partners, are not just intermediaries — you are the bridge between our vision and the people we serve.”

    Managing Director, Noor Takaful Insurance Limited, Rilwan Sunmonuv said the company has sustained profitable growth despite regulatory and market headwinds in the last 12 months, adding that the partnership with over 200 brokers has resulted in a gross written contribution of N4.3 billion.

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    Sunmonu stated that the company is committed to driving sustainable revenue growth by attaining a Gross Written Contribution of N30 billion in 2026 through strategic product expansion and market penetration.

    He explained that the company has implemented a multi-faceted strategy focused on regulatory alignment, operational robustness, and stakeholder engagement to secure itsleadership position in the insurance sector.

    In his remarks, Ismaeel Ayanlere, Chief Business Development Officer of Noor Takaful Insurance Limited, recognised the low penetration of Takaful in Nigeria. He said that with key drivers such as a growing insurance population, regulatory reforms, digital distribution, and awareness of ethical finance, penetration is expected to increase from 0.3% in 2024 to 1.5% by 2030.

    Ayanlere revealed that takaful insurance in Nigeria has reached a turning point, shifting from a niche product to a mainstream, inclusion-driven growth engine. He noted thatTakaful has the potential to surpass the growth of the broader insurance market, positioning itself as a cornerstone for ethical financial inclusion, social protection, and a viable alternative within Nigeria’s economic landscape if strategically harnessed.

    He stated that signing and implementing the NIIRA Act willstrengthen participants’ confidence and trust in fund safety,encourage stronger capital bases to underwrite larger risks,and create better insurance penetration.

    Also, the Chief Operating Officer of Noor Health, Abiola Thompson, stated that the company, the first national, Sharia-compliant HMO, was set up to bridge the health gap by delivering accessible, affordable, and wellness-driven care for clients. Thompson revealed that brokers remain huge partners in growth that would help the company expand portfolios beyond insurance (Takaful) into ethical healthcare.

    She stated that Noor Health offers nationwide access through an expanding hospital network and digital tools.

    According to her, the company is building a health system where doing good and doing well go hand in hand.

    The major highlight of the event was the recognition of two categories of brokers, top performers and strongest loyalty, for their valuable contribution to the growth of Noor Takaful as a business.

    The brokers recognised as top performers include Colenson Brokers Nigeria Limited, Rachbuk Insurance Brokers Limited, and P.R.A. Insurance Brokers Limited, Prorisk Insurance Brokers Limited, and Hakash and Company Insurance Limited. First Adequate Benefits Insurance Brokers Limited, Pure Surplus Insurance Brokers, and Priority Insurance Brokers Limited were rewarded as brokers with the strongest loyalty.

  • Participants get N404m surplus from Noor Takaful

    Participants get N404m surplus from Noor Takaful

    • Over N11 billion claims paid to participants

    Noor Takaful Insurance Limited, one of the leading composite Takaful insurance firms in Nigeria, has distributed a total of N404.19 million as surplus to participants who did not make claims on their insurance during the 2023 financial year.

    The surplus distribution was announced during the 2023 Surplus distribution and claims celebration ceremony for participants in Lagos.

    It was announced that over 1,000 participants would be entitled to over N400 million as surplus. A total of 15 participants, including individuals, financial institutions, and private and public organisations, received surplus payments at the event.

    Lotus Bank, ARM Group, Trustlub Resources Limited, and MG Vowgas Ltd. Alternative Bank received the lion’s share of the payment, receiving N19.01million, N8.60million; N1. 44million, N1.34million; and N1.28million respectively.

    Other companies or individuals who also received part of the 2023 surplus distribution include Automarket Nigeria Limited, Starlink Internet Services Nigeria Limited, Vanguard Pharmacy, Cardinal Stone, Federal Polytechnic, Ilaro, Globus Bank, Wema Bank/Mezovest Limited, Halden Nigeria Limited & ICA Logistics Ltd, Kaka Ajibola Oladele and i-SOW Investment Limited.

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    Speaking at the occasion, the Chief Executive Officer, National Insurance Commission, represented by the Deputy Director, NAICOM, Dr Julius Odidi, described the surplus distribution event as a statement of the resilience, inclusivity and ethical foundations upon which Nigeria’s takaful industry is being built.

    Odidi stated that celebrating distribution and the fulfilment of claims is a stark reminder of the true meaning of takaful, which entails the principles of trust, fairness, and shared prosperity.

    According to him, these principles are at the heart of takaful and remain central to the progress of Nigeria’s broader insurance sector.

    He explained further that Takaful offers financial protection, dignity, fairness and confidence in the future.

    In her keynote address, the foremost entrepreneur, Ibukun Awosika, explained that driving the Takaful insurance model in a country like Nigeria requires the effort of the institution involved, particularly at a time when conventional insurance has failed to deliver on expectations.

    Awosika described the Takaful model as an equitable business model that rewards each party for its contribution.

    She stressed that the company must intensify its efforts to deepen awareness about the takaful model in a way that will attract interest from Nigerians regardless of their faith.

    She said: “Non-conventional insurance is a sector that needs to grow exponentially because of the market space there, and this model will encourage more people to get into insurance. I was asking how many people you have signed up with right now, and I was told that the number is about 20,000. So, we’re really at the early stage. And what I would challenge the company to do is to invest time in educating the public. As a company, you need to share the model of what you do. You don’t want to be just another insurance company, and you don’t want the door to be shut on it just being called a religious insurance company,” she said.

    While congratulating the beneficiaries of the surplus distribution, she expressed optimism that the model would help re-engineer the value system with which corporations and society operate.

    In his opening remarks at the event, the Chairman of Noor Takaful Insurance Limited, Ambassador Shuaibu Ahmed, explained that the distribution of a staggering N1 billion in surplus since inception, including N400 million in surplus for 2023 alone, is not just a milestone but powerful proof that the Takaful system works—for everyone.

     “We are not just celebrating numbers on a balance sheet; we are celebrating trust, partnership, and the very essence of the Takaful model—mutual cooperation and shared prosperity. These numbers are not just statistics but stories of solidarity, fairness, and justice. They show that in Noor Takaful, everyone wins. Our model is not about transferring risk to another; it is about sharing risk with one another. It is about creating a Win–Win partnership where both protection and prosperity are shared,” Ahmed said.

    In his remarks, Vice Chairman, Noor Takaful Insurance Limited, Aminu Tukur whilst emphasizing that the Takaful model-a win-win for all parties, Noor Takaful has paid over 11 Billion Naira on claims and close to 1 Billion since the company started operations in January 2017.

    According to Tukur, the company remains committed to ensuring that participants get their benefits whether through receiving claims when they need it or sharing in risks or rewards.